From E-Democracy to C-Democracy: Analyzing Transnational Political Discourse During South Korea’s 2024 Presidential Impeachment on Polymarket

This study examines the emergence of cryptocurrency-enabled democracy (c-democracy) through an analysis of blockchain-based prediction markets during South Korea’s 2024 presidential impeachment crisis. Using a mixed-methods approach, namely network analysis, discourse analysis, and statistical validation, we identify transnational communities engaging in Korean politics beyond citizenship boundaries. Findings reveal a discourse–betting disconnect, where expressive, playful discourse coexists with serious financial stakes, reflecting hybrid motivations for participation. We also observe playful activism and transnational community formation that transcend geographical limits. These results highlight c-democracy as a novel form of political engagement that extends, but also complicates, traditional e-democracy frameworks.